What inspired you launch Fortune Vivo?
Observing that India is diabetes capital in the world we thought that the people of the country should be availed with diabetes-care oil which will help them to control blood sugar levels. Also, our success with rice brand in the last couple of years gave us the confidence that in India we could actually promote oils on the health platforms.
What are the health benefits of India’s first diabetes-care edible oil?
The oil has been developed through rigorous R&D and is clinically proven to regulate blood sugar levels. It’s the right blend with right amount of anti oxidants for controlling diabetes. It has the goodness of rice brand oil and the goodness of sesame oil combined in the right proportion and our research has shown that it helps patient in keeping diabetes in check. Also this oil will be in the HORECA.
What investment has been done to bring this product in market?
It is difficult for me to put the numbers but wherever we feel there is a space available we try and plug it. We have not earmarked fund for further spending but we will not shy away from spending because the product will be the winner for long haul.
How will you market and promote the brand?
The product will be supplied across our pan India retailers, hotels and restaurants across the country through our own channels. It will also be promoted through chefs.
There will be one liter pouches and five liter packs. If the market forces demand then certainly we would react with launching smaller packs too. Our reaction will be based on the feedback which we will get from the market. Presently our production capacity is of 50,000 tons of oil per annum. In edible oil our volume and turnover both is huge so AMP keeps changing.
What is the shift that you are looking in edible oil segment?
While branded edible oil segment is growing well, it is going through loose to pack conversion happening by 30 to 40 percent per annum and the growth is definitely there.
What is the contribution of branded edible oil to the overall growth?
Branded oil is contributing around 60 percent growth to the category. Since last year the category has grown by 30 to 40 percent. In rural part the aspiration level for branded oil is much higher than the urban area.
Which are some of the other opportunities you are looking at in non-oil segment?
After basmati rice we are looking at our footprint in staple side because we feel there is lot of space available in that space. There is no pan India company operating in staple space and we feel we have a winner in brand Fortune. The Indian consumers trust the brand because we have been consistent in terms of quality, our practices and we feel we can have brand expansion and can actually enlarge our presence in the household kitchen, the housewives trust us. Not everyone knows that we are in besan and basmati rice, so there is a huge space available to expand those businesses with Indian consumer is becoming more and more discerning and quality conscious.